Rovin Capital UT ADV Increases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Rovin Capital UT ADV raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 25.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 4,857 shares of the semiconductor company’s stock after acquiring an additional 983 shares during the quarter. Rovin Capital UT ADV’s holdings in Microchip Technology were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Principal Financial Group Inc. increased its stake in shares of Microchip Technology by 0.4% in the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares during the period. Boston Partners lifted its stake in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after buying an additional 736,818 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after buying an additional 673,992 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. decreased their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Susquehanna dropped their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is owned by company insiders.

Microchip Technology Price Performance

Shares of MCHP opened at $72.87 on Friday. The stock has a market capitalization of $39.13 billion, a PE ratio of 50.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.08 and a current ratio of 0.88. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The company has a 50 day moving average price of $76.73 and a 200-day moving average price of $84.98.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the business posted $1.54 earnings per share. The firm’s revenue was down 48.4% compared to the same quarter last year. Equities analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.50%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.